Sunday, November 11, 2012

Datuk Phillip Siew Mun Chuang increased his shareholding in Scomi Group Bhd
acquiring an additional six million shares on 05 Nov 2012 and nudging his
shareholding up to 72.98 million shares or 5.48% of the company. His purchased
is ahead of a crucial shareholder meeting – to be held soon – to vote
on the issuance of convertible debt paper to IJM Corp which could potentially
use that to tighten is grip on Scomi Group if it chose to convert the paper
into shares. Siew is against issuing the paper to IJM corp, citing dilution to
existing shareholders.

Siew is aligned to Tan Sri Abu Sahid who has 7.7% stake in Scomi Group.
The duo who collectively hold 13.1% stake in Scomi Group have aired their
grouses against the existing board of Scomi Group and its CEO Shah Hakim over
IJM Corp’s entry.

On the other side, Shah Hakim together with his partner Datuk
Kamaluddin Abdullah have about 13.06% stake in Scomi Group. But things took
another turn when Shah Hakim’s long standing partner Kamaluddin wrote to
Kaspadu’s board seeking a split in their shareholding in the private
vehicle, which holds 13.06% stake in Scomi Group. Kamaluddin and Abu Sahid are
close.

While the shares placement to IJM Corp has gone through, the issuance
of debt paper to IJM Corp and the conversion of debt paper to shares require
approvals from Scomi Group’s shareholders.

While Shah Hakim and IJM corp just require a simple majority to push
the proposal through, the simple majority may not be so easily achieved.